U.S. patent application number 12/197417 was filed with the patent office on 2009-02-26 for internet-based money order system.
This patent application is currently assigned to First Data Corporation. Invention is credited to Stephen Chin.
Application Number | 20090055287 12/197417 |
Document ID | / |
Family ID | 23189984 |
Filed Date | 2009-02-26 |
United States Patent
Application |
20090055287 |
Kind Code |
A1 |
Chin; Stephen |
February 26, 2009 |
INTERNET-BASED MONEY ORDER SYSTEM
Abstract
A system and method for purchasing a money order via the
internet including the steps of providing an internet based money
order system capable of generating money orders upon the receipt of
a purchase request by a prospective buyer via the internet for a
predetermined amount of funds. The prospective buyer transmits
information to the money order system. via the internet, which
information is required to purchase the money order. The money
order is then remotely generated by the money order system and is
delivered to an intended recipient of the money order.
Inventors: |
Chin; Stephen; (New York,
NY) |
Correspondence
Address: |
TOWNSEND AND TOWNSEND AND CREW, LLP
TWO EMBARCADERO CENTER, EIGHTH FLOOR
SAN FRANCISCO
CA
94111-3834
US
|
Assignee: |
First Data Corporation
Greenwood Village
CO
|
Family ID: |
23189984 |
Appl. No.: |
12/197417 |
Filed: |
August 25, 2008 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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11424206 |
Jun 14, 2006 |
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12197417 |
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09307485 |
May 10, 1999 |
7110978 |
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11424206 |
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Current U.S.
Class: |
705/26.3 ;
705/26.41; 705/44; 705/45 |
Current CPC
Class: |
G06Q 30/0613 20130101;
G06Q 20/10 20130101; G06Q 40/00 20130101; G06Q 20/02 20130101; G06Q
20/40 20130101; G06Q 30/08 20130101; G06Q 40/04 20130101; G06Q
20/04 20130101; G06Q 20/042 20130101 |
Class at
Publication: |
705/26 ; 705/45;
705/44 |
International
Class: |
G06Q 20/00 20060101
G06Q020/00; G06Q 30/00 20060101 G06Q030/00 |
Claims
1-4. (canceled)
5. A method of purchasing a money order from a money order system
via the Internet for the purchase of goods purchased from an
Internet-based auction transaction, wherein the money order is
guaranteed by a third party other than a seller or a buyer in the
auction transaction, the method including the steps of: awarding a
bid to a buyer for goods to be purchased from a seller from an
auction process conducted between said buyer and seller via the
Internet on an Internet auction site; contacting an Internet site
for said money order system via the Internet by said buyer with a
computing device after said bid is awarded to said buyer by the
Internet auction site; transmitting information to said money order
system via the Internet to purchase said money order for said sale
of said goods won during the auction process with the Internet
auction site, said information including at least said buyer's
identification, an identification of said seller and a financial
amount for the money order, wherein said financial amount is
related to the bid; printing in an automated manner a money order
that is backed by someone other than the buyer from said money
order system upon receipt of said transmitted information from said
buyer; initiating physical delivery from money order system said
generated money order to said seller; and initiating physical
delivery of said goods from said seller to buyer after said money
order is printed.
6. A method of purchasing the money order from the money order
system via the Internet for the purchase of goods purchased from an
Internet-based auction transaction, wherein the money order is
guaranteed by a third party other than the seller or the buyer in
the auction transaction as recited in claim 5 further including the
step of providing a hyper-link in the auction site to the money
order system site.
7. A method of purchasing the money order from the money order
system via the Internet for the purchase of goods purchased from an
Internet-based auction transaction, wherein the money order is
guaranteed by a third party other than the seller or the buyer in
the auction transaction as recited in claim 6 further including the
step of generating a message to at least one of said buyer or
seller stating that said money order has been sent to said
seller.
8. A method of purchasing the money order from the money order
system via the Internet for the purchase of goods purchased from an
Internet-based auction transaction, wherein the money order is
guaranteed by a third party other than the seller or the buyer in
the auction transaction as recited in claim 7 further including the
steps of: transmitting credit card information associated with said
buyer to said money order system Internet site; and electronically
processing said credit card information to make available funds
needed for said purchase of said money order by said buyer in said
money order system site.
9. A method of purchasing the money order from the money order
system via the Internet for the purchase of goods purchased from an
Internet-based auction transaction, wherein the money order is
guaranteed by a third party other than the seller or the buyer in
the auction transaction as recited in claim 7 further including the
steps of: establishing a funds account on said buyers behalf in
said money order system, said funds account having a predetermined
amount of monetary funds; electronically deducting a predetermined
amount of funds from said funds account in accordance with the
amount of funds required to generate said money order generated for
the buyer.
10. A method of purchasing the money order from the money order
system via the Internet for the purchase of goods purchased from an
Internet-based auction transaction, wherein the money order is
guaranteed by a third party other than the seller or the buyer in
the auction transaction as recited in claim 7 further including the
step of shipping the goods from said seller to buyer prior to said
sellers receipt of said money order and after said information is
transmitted from said money order system to said seller indicating
that said money order is being delivered to said seller.
11. A system participating in an auction and paying with a money
order that is backed by a third party, the system comprising: a
server configured to conduct an Internet-based auction via a web
site, said server further configured to cause to be displayed, via
said web site, a money order request selection selectable by a
bidder that participated in an auction conducted via said web site;
and a money order sub-system that is accessed via said web site
upon selection by the bidder of said money order request selection,
said money order sub-system configured for processing a money order
request, said processing comprising: requesting funds for a money
order transaction upon receipt of a money order request; upon
confirmation of receipt of the requested funds, instructing a money
order dispensing apparatus to print a money order that is backed by
someone other than the bidder; and confirming to the bidder that
the money order request has been fulfilled with an
automatically-generated electronic message.
12. A system participating in an auction and paying with a money
order that is backed by a third party according to claim 11 wherein
said money order sub-system comprises a money order server
configured to communicate with said auction server, and a
processor, said money order server coupled to said processor.
13. A system participating in an auction and paying with a money
order that is backed by a third party according to claim 12 wherein
said processor is programmed to request funds for a money order
transaction upon receipt of a money order request by transmitting
credit card information to a billing server.
14. A system participating in an auction and paying with a money
order that is backed by a third party according to claim 12 wherein
said money order server is further configured to communicate with a
seller to confirm that a money order has been authorized.
15. A system participating in an auction and paying with a money
order that is backed by a third party according to claim 12 wherein
said money order sub-system further comprises a database coupled to
said processor, said database comprising data for submitting an
electronic funds transfer request and data for money order
authorizations.
16-26. (canceled)
Description
CROSS-REFERENCES TO RELATED APPLICATIONS
[0001] This application is a divisional application of Ser. No.
11/424,206, filed Jun. 14, 2006, which is a continuation
application of Ser. No. 09/307,485, filed May 10, 1999, the
complete disclosure of which is herein incorporated by
reference.
FIELD OF THE DISCLOSURE
[0002] The present invention relates to an internet-based money
order system, and more particularly, to an internet-based money
order system which is implemented in conjunction with financial
transactions conducted via the internet.
BACKGROUND
[0003] Auctions for sale of products have proven to be very popular
and the success of the systems involve two major features.
Typically with auction systems, there is the possibility to obtain
the product at a very competitive price. In addition, there is the
excitement and skill of the buyer who participates in the auction
process and makes fast decisions whether to continue to participate
or to recognize the price has become too high. The auction process,
traditionally, has been a relatively fast process which changes
quickly. The standard auction process involves users bidding for a
particular product, and the product is sold to the highest
bidder.
[0004] The dynamic nature of the auction process, in its
traditional form, is attractive to a certain number of
participants, but it is also an obstacle to a further group of
participants who do not wish to rush their decision process. For
this reason, there are other variations of the auction process
where the time period for the auction is much longer and the
feedback of information tends to be slower. Some auction processes
do not provide any real time feedback, such as a silent auction
process, where users merely submit their bid, which is
confidential.
[0005] A further variation of the auction process is a reverse
auction where the price of the product decreases in a set manner
during the time period of the auction and each participant is
provided with the current price, the quantity on hand and the time
remaining in the auction. This type of auction, typically, takes
place over a very short period of time and there is a flurry of
activity in the last portion of the auction process. The actual
auction terminates when there is no more product to be sold or the
time period expires.
[0006] The auction process for the sale of products has also been
used on the internet with great success. In this case, the various
users send messages to the auction site with details of their bid
and identity. Details of the bid are posted on the auction site
computer and are available to other participants. The auction
process typically has a time period of several days or weeks, and
the product is allocated to the highest bidders.
[0007] However, one of the disadvantages of this system is the
remittance of payment between the seller and awarded purchaser. For
instance, since the seller is typically a private individual, the
only way for the seller to securely obtain the finds for the sale
is through a money order sent from an awarded buyer. This is
because it is not advisable for a seller to rely on personal
checks, and the seller typically does not have the resources
available to process credit card transactions and other types of
automatic debit transactions. Moreover, it is typically
inconvenient for the awarded buyer to purchase a money order, since
this usually involves going to a bank, post office or financial
store to do so, which mitigates the convenience of the internet
transaction.
BRIEF SUMMARY
[0008] Accordingly, the present invention is directed to a method
and system for purchasing a money order from a money order system
via the internet in response to goods being purchased from an
internet-based auction transaction.
[0009] The method preferably includes first awarding a bid to a
buyer for goods to be purchased from a seller from an auction
process conducted between a buyer and seller, via the internet, on
an internet auction site. The awarded buyer then contacts the
internet site for the money order system, preferably via the
internet, after the bid is awarded to the buyer. The buyer then
preferably transmits information to the money order system, via the
internet, in order to purchase the money order required for the
sale of the awarded goods. Such information preferably includes at
least the buyers identification, an identification of the seller
and a financial amount for the money order. After this information
is received by the money order system, a money order is generated
by the money order system. This money order is then delivered from
the money order system to the seller to complete the sale of goods
between the buyer and seller. The seller may then ship the goods to
the buyer.
BRIEF DESCRIPTION OF THE DRAWINGS
[0010] The above and other objects and advantages of the present
invention will become more readily apparent upon consideration of
the following detailed description, taken in conjunction with the
accompanying drawings, in which like reference characters refer to
like parts throughout the drawings and in which:
[0011] FIG. 1 is an overview of the money order system as
implemented in the internet;
[0012] FIG. 2 depicts the system components of the money order
system of FIG. 1; and
[0013] FIG. 3 is a flowchart o the steps taken by the money order
system of FIG. 1 to generate a money order via the internet.
DETAILED DESCRIPTION
[0014] FIG. 1 is an overview of the present invention system
implementing the electronic money order system, designated
generally by 100, as used with an internet based auction system 10.
It is to be appreciated, that such auction sites are well known and
thus will not be described in detail so as not to obscure the
present invention of integrating the electronic money ordering
system 100 with an auction site 10, via preferably the internet
12.
[0015] With reference to FIG. 1, a host of users 14 are shown
connected to the internet 12. Also shown connected to the internet
12 is an auction site 10, money order system 100 and billing server
16. Each user 14 preferably has a computer terminal with the
appropriate software for accessing the internet 12. It is to be
appreciated that a detail description of the internet auction site
12 is not provided as they are well known in the art. See for
example, U.S. Pat. No. 5,890,138 to Gordon et at, which is hereby
incorporated by reference.
[0016] Referring now to FIG. 2, the money order system 100 is shown
to preferably include a server 102, computer processor 106, money
order dispenser 108 and database 110. The server 102 connects the
money order system 100 to the internet 12. It is noted that the
server 102 is preferably connected to a firewall 104 so as to
prevent any user from accessing any of the components behind the
firewall 104. In this way, the users have access to the money order
system server computers 102, but only have access to the database
110 through the firewall 104.
[0017] The database 110 preferably includes the user's information,
if any, and the money order dispensing apparatus 108 which is
operative to generate money orders purchased via the internet 12.
With returning reference to FIG. 1, the money order system 100 is
shown to be preferably coupled to a billing server 16. The billing
server 16 is operative to process credit card transactions on
behalf of the money order system 100, as will be described further
below. For example, when a user desires to purchase a money order
from the money order system 100, the user may do so via a credit
card, in which the user provides the necessary information (e.g.,
credit card type, number, billing address, etc.) to the money order
system 100. The money order system 100 then transmits this credit
card information to the billing server 16 which processes and
authorizes the sale of the money order to the user. After which,
the billing server 16 transmits the authorized funds from the
user's credit card bank to the bank associated with the money order
system, which financial transactions are typically accomplished via
an Automated Clearing House (ACH) 20.
[0018] The server 102 of money order system 100 may also be
preferably connected to a printing device 120, telephone 130,
facsimile device 140 and pager 150. As will be described further
below, the server 102 is coupled to anyone of these devices in
order to be able to send messages to both the sender and receiver
of purchased money orders. For instance, after a sale is
authorized, a message may be transmitted to the sender who
purchased the money order stating that the money order was
authorized and is being shipped to the receiver. And, likewise a
message may be transmitted to the receiver that a money order was
authorized for identified goods and is currently being shipped,
which enables the receiver (e.g., the seller) to ship the goods to
the buyer even though it has not yet received the money order but
knows it is going to receive the money order since it has a message
from a secure third party (i.e., money order system 100)
affirmatively stating that the money has been authorized is being
sent to the receiver.
[0019] With the system components being described above, its method
of operation will now be described in reference to the flowchart of
FIG. 3. First, with a sale transaction between a buyer and seller
being consummated (step 200), the buyer is to be obligated to
financially satisfy the transaction with a money order that is to
be purchased and delivered to the seller.
[0020] In the preferred embodiment, this transaction is achieved
via an internet-based auction transaction in which the buyer was
the awarded bidder for the goods listed by the seller on the
auction site 10. However, such an internet auction transaction is
not to be the only type of financial transaction between buyer and
seller for implementation of the money order system 100, but rather
it may include any type of transaction between buyer and seller,
wherein the buyer is obligated to deliver a money order to the
seller. In this regard, it may encompass an internet-based merchant
who is selling goods on the internet but does not have the
capability to effect credit card transactions and thus requires
money orders for goods purchased.
[0021] Next, after the financial transaction is consummated between
the buyer and seller (step 202), the buyer (e.g., user 14) contacts
the money order system 100, preferably via the internet 12 (step
204). In this regard, the aforesaid internet contact is preferably
accomplished through the provision of a hyper-link to the money
order system site 100, which hyper-link is provided in the seller's
web site. For instance, if it is an auction-based transaction, the
auction site preferably provides a hyper-link on one of their web
pages to web site of the money order system 100. Preferably, this
hyper-link is provided on the web page awarding the buyer the
highest bid, thus all the awarded buyer needs to do after being
awarded the bid is to click on the hyper-link connecting to the
money order system 100 so as to remotely purchase a money order
from the money order system 100, which subsequently transmits that
money order to the seller without requiring the buyer 14 from
leaving a computer terminal.
[0022] Once the buyer has contacted the money order system 100, the
buyer's request for a money order is then transmitted to the money
order system 100 (step 206). This request preferably includes the
following information: the name and address of both the buyer and
seller; identification of the goods to be purchased; the buyer's
credit card information and any other miscellaneous information
needed to complete the financial transaction between the buyer and
seller (step 208). Alternatively, some, or all the later
information may be automatically transmitted from the site from
which the buyer accessed the money order system 100, if so
programmed. For example, when the buyer receives the web page of
the auction site 10 confirming the bid award, the buyer may click a
hyper-link provided on this page which not only accesses the money
order system site 100, but also automatically transmits all the
information necessary to purchase a money order with perhaps the
exception of the buyer's credit card information.
[0023] In yet another alternative embodiment of the invention, a
user may establish an account with the money order system 100. In
this embodiment, the user either credits or deposits a fund amount
with the money order system 100, which is preferably stored in the
database 110 of the money order system. Thus, when the user 14
desires to purchase a money order, the user need not transmit any
credit card information, but rather the funds needed for the user's
desired money order is subtracted from the user's account
preferably stored in database 100. This arrangement is particularly
advantageous for user's who have no credit cards or desires to
avoid their use.
[0024] Returning to the preferred embodiment, after the user 14
transmits the aforesaid necessary information to the money order
system 100 (step 208), this information is received by the money
order system server 102 (210) which then sends the information to a
computer processor 106. The processor 106 extrapolates the credit
card information from the buyer's information and preferably
transmits it to the billing server 16. The billing server 16
processes this credit card information (step 212) so as to
authorize the money order for the requested funds. The billing
server 16 then communicates with the money order system 100 to
provide authorization for the requested money order (step 214).
Once the money order system 100 receives the aforesaid
authorization from the billing server 102, processor 106 preferably
instructs money order dispensing apparatus 108 to generate the
requested money order (step 216). It is to be understood that the
money order dispensing apparatus may be either automatic or manual.
The money order, and any other pertinent information needed to ship
the goods is sent to the buyer, preferably via the mail system
(step 218).
[0025] The money order system 100 is also preferably configured to
send an e-mail message to both the buyer and seller notifying them
that the money order has been ordered, authorized and sent to the
seller (step 220). Thus, since this message is being sent by the
secure third party of the money order system 100, the buyer can
trust this information and go ahead and ship the goods to the buyer
without yet receiving the money order. Thus, one advantage of the
system of the present invention is clearly evident in that as soon
as a buyer desires to purchase goods from a seller with a money
order, the seller may immediately ship the goods to the buyer (upon
the aforesaid notification from the money order system 100) without
having to wait for the money order, which may typically take up to
five (5) days if transmitted by regular mail.
[0026] The billing server 16 then transmits the funds to the money
order system 100 that were debited from the buyer's credit card
which were needed to generate the purchased money orders preferably
through an Automated Clearing House (ACH) 20 (step 222). Of course
the billing server may retain a portion of these funds for their
credit card services.
[0027] In summary, a money order system providing the purchase of
money orders via the internet has been described. Although the
present invention has been described with emphasis on a particular
embodiment, it should be understood that the figures are for
illustration of the exemplary embodiment of the invention and
should not be taken as limitations or thought to be the only means
of carrying out the invention. Further, it is contemplated that
many changes and modifications may be made to the invention without
departing from the scope and spirit of the invention as
disclosed.
* * * * *